Abzena, a global partnership research organisation providing integrated discovery, development and manufacturing of biologics and antibody-drug conjugates (ADCs), has received a $10m investment of growth capital from Biospring Partners, a New York-based investment firm.
The new capital will allow Abzena to accelerate its growth plans. Abzena drove 80% revenue growth and tripled GMP manufacturing capacity in the first half of 2020.
"The investment by Biospring Partners is further validation that the Abzena integrated model is the future of biologics drug development and manufacturing," said Jonathan Goldman MD, CEO of Abzena. "Michelle Dipp and Jennifer Lum founded Biospring based upon their deep expertise in life sciences and technology industries. Abzena will benefit from Biospring's access to a broad network of potential customers and their expertise in building and operating growth stage companies. Access to new customer partners and operating expertise is essential for the continuing growth of the company."
"It is an exciting time to join Abzena's board. Abzena is uniquely positioned to take advantage of the global market opportunity for large molecules as the biopharmaceutical industry increasingly outsources development and manufacturing," said Dipp. "Abzena is the industry leader for the comprehensive and integrated development of biologics and ADCs."
"We are thrilled to have Dr Dipp join the board of Abzena, one of our portfolio companies," said Nick O'Leary of Welsh, Carson, Anderson and Stowe. "Dr Dipp's expertise in life sciences and the additional capital Biospring has invested will allow Abzena to continue its global growth and market reach."
